Fraport Ag · XETR:FRA
Fraport — Fraport Ag Frankfurt Akt — Q1 2026 Earnings Presentation
42 slides from Fraport's earnings presentation, May 5, 2026
Slide 1: Q1 2026 Presentation
Q1 2026 PRESENTATION Prof. Dr. Matthias Zieschang, CFO May 2026
Slide 2: Disclaimer
DISCLAIMER This document has been prepared by Fraport solely for use in this presentation. The information contained in this document has not been independently verified. No representation or warranty – whether express or implied – is made as to, and no reliance should be placed on, the fairness, ac
Slide 3: Business Update: Terminal 3 Is Ready for Check In
BUSINESS UPDATE TERMINAL 3 IS READY FOR CHECK IN − Successful Inauguration of Terminal 3 on 23rd April → Completion of Major Capex Program − Positive Feedback from 1st Wave Airlines and >100k Passengers − All Commercial Areas opened on First Day of Operations − Transition Period in 4 waves to last u
Slide 4: Business Update: Progress in International Activities
BUSINESS UPDATE PROGRESS IN INTERNATIONAL ACTIVITIES − Lima Construction Works Completed – All Terminal Areas operational since end of March − Burgas Runway Layover Completed – Airport has been Reopened on May 1st − Final Year of “Antalya I” concession has started − Kalamata in Greece and Jericoacoa
Slide 5: Good Start to the Year, Strong International Performance
BUSINESS UPDATE GOOD START TO THE YEAR I STRONG INTERNATIONAL PERFORMANCE Overall Positive Outlook on Summer 2% Traffic Growth in FRA despite Internationals on continued Growth Expected, Subject to Geopolitical Strikes and Weather-Related Path showing a strong Start to the Year Situation, Availabili
Slide 6: Middle East Impact Compensated by Far East and Africa
BUSINESS UPDATE MIDDLE EAST IMPACT COMPENSATED BY FAR EAST AND AFRICA ´000 Pax +2.1 % • Reduction of c.70 % in 4,700 passenger numbers on Middle 105 East destinations in March 4,600 compensated by significant 55 growth rates to: 110 - China (+22%) - India (+22%) - Thailand (+32%) and -170 - Africa (
Slide 7: FRA Traffic Development and Outlook
BUSINESS UPDATE FRA TRAFFIC DEVELOPMENT AND OUTLOOK − LH Strikes: Reduction of c. 500k PAX (c.-9 %) in April April 2026 − Middle East: PAX Numbers still down by around -65%; more limited Compensation Effects due to Strikes (LHG market share of >30% on Far East Routes from FRA and >50% on African Rou
Slide 8: Financials – P&L: Solid 1Q 2026 Financial Performance
FINANCIALS – P&L SOLID 1Q 2026 FINANCIAL PERFORMANCE Revenues ex. IFRIC 12 EBITDA EUR 853Mn EUR 196Mn +5.2% vs. 1Q2025 +10.4% vs. 1Q2025 Group Result Free Cash Flow Net Debt/LTM EBITDA EUR -33Mn EUR -309Mn 5.9x EUR -7Mn vs. 1Q2025 +44Mn vs. 1Q2025 -0.9x vs. 1Q2025 8 1Q26 Presentation, May 2026 Frapo
Slide 9: Financials – Cash Flow
FINANCIALS – CASH FLOW FCF IMPROVEMENT DUE TO COMPLETION OF CAPEX CYCLE EUR mn 8,549 0 -10 -491 -36 -42 8,191 +1 -136 -62 -1 -3 -20 1 thereof EUR 38mn from EUR Devaluation on Net Debt Free Cash Flow 1Q26: € -309mn Net Debt OCF Greece Lima Other Capex Fixed IAS 23 IFRS Divs from Other Net Debt Brazil
Slide 10: Available Funds & Repayment Profile
AVAILABLE FUNDS & REPAYMENT PROFILE WELL BALANCED MATURITY PROFILE 12,200 EUR mn € 9.8 bn Fraport AG debt € 1.0 bn Greece debt Average debt condition ~ 3.4% interest rate € 351 mn Brazil debt € 1.0 bn Lima debt 4,231 1 3.651 22 25 22 23 27 15 20 991 20 49 42 48 54 38 49 - 52 29 112 - 40 31 953 1.131
Slide 11: Segment Aviation
SEGMENT AVIATION SOLID RESULTS IN OFF-PEAK SEASON ON PRICES AND VOLUMES EUR mn 1Q26 1Q25 ▪ Total revenue increase of c.4% Revenue 280 270 ▪ 3.9% higher prices, 2.3% passenger growth versus a Charges 215 202 reduction in movements (-0.9%) lead to >6% higher airport charges Security 56 58 ▪ Decrease i
Slide 12: Segment Retail & Real Estate
SEGMENT RETAIL & REAL ESTATE EBITDA GROWTH DRIVEN BY ROBUST REVENUE STREAMS EUR mn 1Q26 1Q25 ▪ Segment revenues up >2%, esp. driven by Real Revenue 126 123 Estate (+4%) including for new rental contracts, a.o. DHL logistics hall Retail 40 40 ▪ Parking Revenues increased by c.4% in March, due Real Es
Slide 13: Retail Revenues per Passenger Development
SEGMENT RETAIL & REAL ESTATE RETAIL REVENUES PER PASSENGER DEVELOPMENT 1Q26 Retail per PAX down to 3.33 EUR: 2025 Weakness in Shopping vs. Strong Services (+10ct p. PAX) 2026 and Advertising (+3ct p. PAX) 3,61 3,41 3,33 3,29 EUR 3,17 3,06 1Q 2Q 3Q 4Q FY Shopping & 2.57 2.31 2.91 2.63 2.82 2.71 Servi
Slide 14: Segment Ground Handling
SEGMENT GROUND HANDLING REVENUES AND COST CONTROL DRIVER FOR 1Q EBITDA IMPROVEMENT EUR mn 1Q26 1Q25 ▪ Segment revenues up c.8%, reflecting price adjustments and volume effects as well as Revenue 196 181 increased market share, GH revenues even Ground Hand. 99 90 increased by 10% Central Infra. 90 84
Slide 15: Segment International Activities & Services
SEGMENT INTERNATIONAL ACTIVITIES & SERVICES INCREASE IN EBITDA DESPITE F/X AND OPEX HEADWIND EUR mn 1Q26 1Q25 ▪ IFRIC 12 Revenues rapidly coming down as construction works come to an end Revenue 281 295 IFRIC 12 ▪ Despite F/X headwind, underlying Revenues 29 57 increase by c.6%, primarily due to ope
Slide 16: Unchanged 2026 Outlook – Subject to Geopolitical Development
UNCHANGED 2026 OUTLOOK – SUBJECT TO GEOPOLITICAL DEVELOPMENT GROWING OPERATIONS I NET RESULT IMPACTED BY ACCOUNTING Group Passengers FRA Passengers EBITDA c.188-195Mn c.65-66Mn Up to c.1.5Bn 2025: 183.7Mn 2025: 63.2Mn 2025: EUR c.1.44Bn Group Result Net Debt/EBITDA DPS for 25FY 300-400Mn Improvement
Slide 17: Thank You for Your Attention!
THANK YOU FOR YOUR ATTENTION! IR Contact T: +49 69 690 - 74840 F: +49 69 690 - 74843 M: investor.relations@fraport.de www.meet-ir.com
Slide 18: Appendices
APPENDICES 18 1Q26 Presentation, May 2026 Fraport AG
Slide 19: Passenger Traffic
APPENDICES PASSENGER TRAFFIC Passengers 2026 Fully Consolidated Airports Accumulation January February March Q1 Delta in Delta in abs. Delta in % abs. % abs. % abs. Delta in % abs. Delta in % FRA Frankfurt 12.704.782 2,3 4.132.165 4,9 3.851.218 0,0 4.721.399 2,1 12.704.782 2,3 LJU Ljubljana 293.408
Slide 20: Group P+L
APPENDICES GROUP P+L EUR mn 1Q 2025 1Q 2026 Revenue 868.5 882.1 Other internal work capitalized 17.2 19.5 Other operating income 6.1 6.9 Total revenue 891.8 908.5 Cost of materials –344.3 –325.8 Personnel expenses –323.4 –343.1 Other operating expenses –46,6 –43.6 EBITDA 177.5 196.0 Depreciation and
Slide 21: Group Cash Flow
APPENDICES GROUP CASH FLOW EUR mn 1Q 2025 1Q 2026 EUR mn 1Q 2025 1Q 2026 Result attributable to shareholders of Fraport AG –16.3 –17.9 Cash flow from operating activities 12.1 0.7 Result attributable to non-controlling interests –10.1 –15.2 Adjustments for Investments in airport operating projects –
Slide 22: Group Financial Position
APPENDICES GROUP FINANCIAL POSITION EUR mn Mar. 31, 2025 Mar. 31, 2026 EUR mn Mar. 31, 2025 Mar. 31, 2026 Shareholders´ equity Non-current assets Issued capital 923.9 924.7 Goodwill 19.3 19.3 Capital reserve 598.5 602.4 Investments in airport operating projects 4,516.4 4,471.1 Revenue reserves 3,257
Slide 23: Major Special Items 2025/26
APPENDICES MAJOR SPECIAL ITEMS 2025/26 1Q 2025 3Q 2025 1Q 2026 Group Financial Result / Antalya Aviation No special items recorded EUR - 3.9 mn EBITDA: Negative DTF Impact EUR +14 mn lower Staff Cost: Payback of EUR -16.9 mn Net Result: F/X driven effect Supplementary Pension Costs from deferred tax
Slide 24: Brick-and-Mortar Capex
APPENDICES BRICK-AND-MORTAR CAPEX Historic Investment & 2026 Outlook EUR mn 2018 2019 2020 2021 2022 2023 2024 2025 2026e Terminal 3 155 369 536 603 542 593 750 488 250 Lima 48 94 101 197 329 460 485 153 100-150 Greece 78 191 97 27 9 14 22 35 -* Brasil 164 240 44 27 12 20 24 21 -* Other 316 387 326
Slide 25: D+A and Interest Details
APPENDICES D+A AND INTEREST DETAILS EUR mn 19FY 20FY 21FY 22FY 23FY 24FY 25FY Depreciation & Amortization 475 458 443 465 501 532 552 of which IFRS16 related 1 45 45 38 41 37 36 39 of which IFRIC12 related 2 84 94 106 116 134 139 175 of which other D&A 346 319 299 308 330 357 338 Interest Expenses 1
Slide 26: D+A and Interest Details
APPENDICES D+A AND INTEREST DETAILS 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 3Q25 4Q25 1Q26 D&A 130 129 127 147 125 129 143 154 140 o/w IFRS 16 9 9 9 9 10 9 10 10 9 o/w IFRIC 12 36 35 34 34 34 39 51 51 50 o/w other 85 85 84 104 81 81 82 93 81 Interest exp. 90 89 88 82 84 95 94 72 91 o/w IFRS 16 2 2 2 1 1 2 3 3
Slide 27: Aviation Segment
APPENDICES AVIATION SEGMENT 1Q19 2Q19 3Q19 4Q19 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 3Q25 4Q25 1Q26 PAX mn 14.8 18.8 20.5 16.4 12.5 15.5 18.0 14.8 12.4 16.7 18.4 15.6 12.7 MOV 117k 136k 140k 121k 95k 112k 121k 108k 96k 122k 128k 113k 96k MTOW mn 7.3 8.3 8.7 7.6 6.1 6.9 7.6 6.8 6.2 7.5 7.8 7.0 6.1 EUR mn 1Q
Slide 28: Retail & Real Estate Segment
APPENDICES RETAIL & REAL ESTATE SEGMENT 1Q19 2Q19 3Q19 4Q19 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 3Q25 4Q25 1Q26 PAX mn 14.8 18.8 20.5 16.4 12.5 15.5 18.0 14.8 12.4 16.7 18.4 15.6 12.7 MOV 117k 136k 140k 121k 95k 112k 121k 108k 96k 122k 128k 113k 96k MTOW mn 7.3 8.3 8.7 7.6 6.1 6.9 7.6 6.8 6.2 7.5 7.8 7.0 6
Slide 29: Ground Handling Segment
APPENDICES GROUND HANDLING SEGMENT 1Q19 2Q19 3Q19 4Q19 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 3Q25 4Q25 1Q26 PAX mn 14.8 18.8 20.5 16.4 12.5 15.5 18.0 14.8 12.4 16.7 18.4 15.6 12.7 MOV 117k 136k 140k 121k 95k 112k 121k 108k 96k 122k 128k 113k 96k MTOW mn 7.3 8.3 8.7 7.6 6.1 6.9 7.6 6.8 6.2 7.5 7.8 7.0 6.1 EU
Slide 30: Major International Holdings
APPENDICES MAJOR INTERNATIONAL HOLDINGS Fully consolidated Group companies EUR mn Share in % Revenue1) EBITDA EBIT Result 1Q25 1Q26 Δ% 1Q25 1Q26 Δ% 1Q25 1Q26 Δ% 1Q25 1Q26 Δ% Fraport USA 100 44.5 41.3 – 7.2 14.0 10.8 – 22.9 4.8 2.6 – 45.8 2.7 – 0.4 – Fraport Slovenija 100 10.0 11.2 +12.0 1.6 2.8 +75.
Slide 31: Major International Holdings
APPENDICES MAJOR INTERNATIONAL HOLDINGS Greece EUR mn 1Q19 1Q25 1Q26 2Q19 2Q25 2Q26 3Q19 3Q25 3Q26 4Q19 4Q25 4Q26 Revenue 78 42 44 128 173 177 310 80 120 Revenue w/o IFRIC 12 23 39 42 81 162 144 297 49 99 - Airport Charges 15 26 29 69 126 127 232 34 70 - Retail 4 5 5 5 26 7 51 10 17 - Other 4 8 8 7
Slide 32: Major International Holdings
APPENDICES MAJOR INTERNATIONAL HOLDINGS Lima EUR mn 1Q19 1Q25 1Q26 2Q19 2Q25 2Q26 3Q19 3Q25 3Q26 4Q19 4Q25 4Q26 Revenue 89 140 110 127 116 108 134 134 112 136 Revenue w/o IFRIC 12 82 96 104 87 91 86 101 101 92 101 - Airport Charges 46 54 56 49 50 46 55 55 52 54 - Retail 15 16 17 17 16 18 17 17 17 18
Slide 33: Major International Holdings
APPENDICES MAJOR INTERNATIONAL HOLDINGS Brasil EUR mn 1Q19 1Q25 1Q26 2Q19 2Q25 2Q26 3Q19 3Q25 3Q26 4Q19 4Q25 4Q26 Revenue 86 33 29 77 23 65 27 55 32 Revenue w/o IFRIC 12 23 22 28 21 23 24 26 26 28 - Airport Charges 15 12 15 13 12 15 14 15 15 - Retail 4 5 5 3 4 4 5 4 5 - Other 4 5 8 5 7 5 7 7 8 Total
Slide 34: Major International Holdings
APPENDICES MAJOR INTERNATIONAL HOLDINGS Twin Star EUR mn 1Q19 1Q25 1Q26 2Q19 2Q25 2Q26 3Q19 3Q25 3Q26 4Q19 4Q25 4Q26 Revenue 3 5 24 15 16 41 38 5 25 Revenue w/o IFRIC 12 3 5 5 15 16 41 38 5 7 - Airport Charges 2 2 3 9 9 27 25 2 3 - Retail 0 1 1 2 2 5 6 1 2 - Other 1 2 1 4 5 9 7 2 2 Total Revenue 3 5
Slide 35: Capex & Net Debt Development 2026
APPENDICES CAPEX & NET DEBT DEVELOPMENT 2026 Frankfurt T3 Capex: Net Debt YE 2026: <EUR c.8.2bn1 €~250mn 2026 FCF OUTLOOK Mn EUR Up to Other Capex: 1.600 1.5 bn ~900 €~400mn 1.300 1.000 Lima Capex 2026: €~100-150mn 700 -400 400 2 Low 3-digit million EUR -100 ~+100 +/-0 100 Other Intl. Airports Capex
Slide 36: Mid Term Capex Outlook
APPENDICES MID TERM CAPEX OUTLOOK Frankfurt T2 Planning and Prepartory Works to last until c.2029. Decision to Commence with T2 Core Construction Works to be Taken Towards End of the Decade Subject to Traffic Development. € mn Below Forecast Assumes a Construction Start in ~2030-31 ~1.132 ~900 488 2
Slide 37: Transition Plan Terminal 3
APPENDICES TRANSITION PLAN TERMINAL 3 37 1Q26 Presentation, May 2026 Fraport AG
Slide 38: Multi Annual Frankfurt Aviation Charge Agreement
APPENDICES MULTI ANNUAL FRANKFURT AVIATION CHARGE AGREEMENT 2025 PASSENGERS O&D +6.8% 2025 PASSENGERS CONNECTING +5.0% 2025 OTHER PRICES +5.7% 2026 PASSENGERS O&D +4.5% 2026 PASSENGERS CONNECTING +3.5% 2026 OTHER PRICES +3.9% 2027 PASSENGERS O&D +4.0% 2027 PASSENGERS CONNECTING +3.0% 2027 OTHER PRIC
Slide 39: Frankfurt Intercont. Incentive Scheme for Departing Pax
APPENDICES FRANKFURT INTERCONT. INCENTIVE SCHEME FOR DEPARTING PAX EUR 15 kick-back per O&D 2024 EXP. O&D DEP. PASSENGERS 6.3MN EUR 7.5 per connecting 2024 EXP. CONNECTING DEP. PAX 5.4MN Threshold vs. 2024e PAX 2025 O&D THRESHOLD +3.8%1 1 Equivalent to: c.0.2MN PAX 1 Equivalent to: c.0.1MN PAX 2025
Slide 40: New German Public Sector Bargaining Agreement
APPENDICES NEW GERMAN PUBLIC SECTOR BARGAINING AGREEMENT Wage Agreement Settled until March 31st, 2027 • Wage increase of 3 % • Wage increase of 2.8 % • One additional day off as of April 1st as of May 1st • Minimum step up of • Increase in annual 110 EUR per month bonus* by up to 35 PP • Increase i
Slide 41: Dates
APPENDICES DATES 2026 Financial Calendar Mar 17, 2026 May 05, 2026 May 12, 2026 Aug 6, 2026 Nov 4, 2026 FY 3M AGM 6M 9M 2026 Traffic Calendar Apr 15, 2026 May 15, 2026 Jun 12, 2026 Jul 13, 2026 Aug 13, 2026 3M 4M 5M 6M 7M Sep 11, 2026 Oct 13, 2026 Nov 12, 2026 Dec 11, 2026 Jan 18, 2027 8M 9M 10M 11M
Slide 42: Ay (Fraport
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